Business leaders call for 'detailed Government plan' to avoid uncertainty after EU result

Thames Valley Chamber of Commerce wants 'business as usual' while warning of medium term uncertainty

Fri, 24 Jun 2016

Reporter:

Martin Robertshaw

Contact:

Mobile

Business leaders from the region have called for 'business as usual' following the EU Referendum result.

Paul Britton, Chief Executive, Thames Valley Chamber of Commerce said: "In conjunction with the British Chambers of Commerce and our members, we will, over the next uncertain months, brief businesses as new developments emerge and ensure that concerns are shared with the Government.

Our message for today, however, is business as usual. Our reputation for International Trade Services and business representation, means we are uniquely placed to provide support. Local companies will, and should, turn to our Chamber for answers and reassurance in this time of change."

He added: "Last year the value of export processed by the Chamber exceeded £1.2bn. We dealt with 155 different countries in an excess of 100,000 international trade transactions. Using this track record and experience TVCC will continue to brief business as new changes emerge, provide briefing on trade arrangement proposals and answer compliance, certification and market opportunity questions."

"The Thames Valley global footprint is impressive – home to ten of the top fifty global organisations in the world and 13 of the world’s top billion dollar brands. Maintaining our position as a leading location for UK subsidiaries of international business is critical. As well as supporting existing multinationals and companies of all sizes within the supply chain, the Chamber is the go-to partner for UK Trade & Investment to support new entrants into the UKs Silicon Valley and we will continue to work with our members to promote the Thames Valley as the best place to invest in Europe."

And he warned of uncertainty in the medium term.

"For most businesses, change will not be immediate. However, all firms face uncertainty in the medium term, particularly until a roadmap to a new trading relationship with the EU emerges. Two-way trade, not just with the EU but with nations around the world, could be impacted for some time," he said.

Businesses will have questions on the future of investment, hiring, growth, migration, and existing trade relationships, so there needs to be a detailed plan from the Government to support the economy and avoid a prolonged period of uncertainty”.

Dr Adam Marshall, Acting Director General of the British Chambers of Commerce, said:

“In the wake of the electorate’s historic decision to leave the European Union, the immediate priorities for UK business are market stability and political clarity.

Some businesspeople will be pleased with the result, and others resigned to it. Yet all companies will expect swift, decisive, and coordinated action from the government and the Bank of England to stabilise markets if trading conditions or the availability of capital change dramatically.

Business will also want to see a detailed plan to support the economy during the coming transition period – as confidence, investment, hiring and growth would all be deeply affected by a prolonged period of uncertainty. If ever there were a time to ditch the straight-jacket of fiscal rules for investment in a better business infrastructure, this is it.

Businesses need action to maintain economic stability, a timeline for exit, and answers to their many practical, real-world questions about doing business during and after this historic transition.

Firms want help to get Britain back to business – the health of the economy must be the number one priority”